Toyota Blockchain Lab, Accelerating Blockchain Technology Initiatives and External Collaboration
Toyota City, Japan, Mar 16, 2020 - (JCN Newswire) - Toyota Motor Corporation (Toyota) and Toyota Financial Services Corporation launched a cross-Group virtual organization, Toyota Blockchain Lab, in April 2019, which has moved forward with initiatives for using blockchain technology including, to date, verifying the usefulness of the technology through demonstration trials, and global collaboration with Group companies.
In an era when all things and services will be connected by information, blockchain is expected to be a fundamental technology that supports connecting people and businesses more "openly," in a manner that provides safety and security.
Going forward, to further pursue possible uses in a wide range of areas, including supply chains, mobility services, and "Woven City" announced on January 7, 2020, and create new value in the future, the accumulation of technical knowledge and promoting solutions for implementation in business, is now necessary. In this regard, Toyota Blockchain Lab will expand collaborations more than ever with various partner companies.
Background of Focus on Blockchain Technology
The progress of the IoT has connected various things and services through information and brought greater convenience and efficiency. On the other hand, it has increased the importance of responding to security concerns such as information leakage, tampering, and unauthorized use.
In the automotive industry, during a once-in-a century period of profound transformation, Toyota is aiming to become a "Mobility Company" that provides wide-ranging services related to transportation. In realizing this goal, to promote "making friends" both inside and outside of the Group, it is important to create an environment where customers who use products and services and various businesses that provide them can connect more "openly" under "safety and security."
With features such as highly tamper-resistant and fault-resistant, blockchain technology can realize secure data sharing between various parties by improving the reliability of the information. This technology has the potential to support the creation of friends inside and outside the Group, and as a result, provides more convenient and customized services to customers, business efficiency and improvement, and creating new value that is not bound by existing concepts.
Details of Activities to Date
To pursue the possibilities of this blockchain technology and gather momentum for initiatives, a virtual organization, Toyota Blockchain Lab,* was established in April 2019 as a company comprised of six Group companies. As the spark for utilization of the technology, Toyota Blockchain Lab has been examining plans for promising applications for use and promoting demonstration trials while accumulating Group knowledge. It is also engaging in global collaboration with Group companies, including Toyota Research Institute - Advanced Development, Inc. (TRI-AD), TOYOTA Connected Corporation, and Toyota Motor North America, Inc., and relationship-building with partner companies.
In the following initiatives focused on customers and vehicles, demonstration trials under specific conditions were completed in November last year, confirming the usefulness of blockchain technology in each use application.
Main Use Applications for Verification
- Customers - increasing convenience through ID sharing and contract digitalization inside and outside of the Group, improvement of personal information management, and utilization of points services
- Vehicles - improvement of various services and creating new services through accumulation and use of all information concerning vehicle life cycles
- Supply chain - improving business processes efficiency and traceability by recording and sharing information on parts manufacturing, shipping, etc.
- Value digitalization - utilization for diversification of financing methods through the digitalization of various assets such as vehicles and various rights, and by that means, building medium to long term relationships with customers and investors
Going forward, Toyota Blockchain Lab will expand its collaborations with various partner companies, further pursue the possibilities of blockchain technology, and accelerate initiatives for business implementation.
Areas of focus will include the examination of possible use applications and promoting demonstration trials that include relevant businesses. In addition, with regard to various blockchain platforms around the world, in collaboration with partner companies, we will formulate non-functional evaluation items to accelerate the social implementation of the technology, and accumulate technical knowledge to select a suitable platform for each application.
* Toyota Blockchain Lab (constituent companies, activity bases, as of March 16, 2020)
Constituent companies: Toyota Motor Corporation, Toyota Financial Services Corporation, Toyota Finance Corporation, Toyota Systems Corporation, Denso Corporation, Toyota Central R&D Labs., Inc.
Activity bases: GINZA SIX 13F 6-10-1 Ginza, Chuo-ku, Tokyo Fukoku Seimei Bldg. 17F 2-2-2 Uchisaiwai-cho, Chiyoda-ku, Tokyo
Established: April 2019
Source: Toyota Motor Corporation
Sectors: Automotive, FinTech & Blockchain
Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
More Latest Release >>
Mitsubishi Power Receives Turnkey Order for 50MW Woody Biomass-fired Power Generation Facility
May 11, 2021 18:39 JST
Eisai's Statement of Commitment for Carbon Neutrality by 2040
May 11, 2021 10:00 JST
ENEOS and Toyota Come Together to Make Woven City the Most Hydrogen-Based Society
May 10, 2021 15:38 JST
Showa Denko Revises Forecast of Consolidated Performance and to Record Extraordinary Loss
May 10, 2021 11:30 JST
Eisai and Merck & Co., Inc., Kenilworth, N.J., U.S.A. Receive Priority Review From FDA for LENVIMA (lenvatinib) Plus KEYTRUDA (pembrolizumab) Applications
May 07, 2021 11:08 JST
Showa Denko and Infineon Technologies Conclude Supply Contract and Development Agreement
May 06, 2021 17:30 JST
NEC Develops Neuroscience-inspired AI Technology for Time Series Analysis
May 06, 2021 14:13 JST
NEC Contributes to Development of Artificial DNA Aptamer that Binds to the Novel Coronavirus (SARS-CoV-2)
May 06, 2021 11:27 JST
Synopsis 2021: Hot Trends - Join the Summit 1-5 June
May 04, 2021 09:00 JST
Hard-Fought Hypercar Win for Toyota Gazoo Racing
May 03, 2021 04:25 JST
Komatsu, NTT DOCOMO, Sony Semiconductor Solutions and Nomura Research Institute to Launch "EARTHBRAIN"
Apr 30, 2021 16:35 JST
Toyota Developing Hydrogen Engine Technologies Through Motorsports
Apr 30, 2021 14:20 JST
Toyota Global Sales and Production Secures 90 Percent Level Year-on-Year in FY2021
Apr 28, 2021 16:46 JST
RESONA and Eisai Enter Into Business Alliance Aiming to Support People Living with Dementia and to Prevent Dementia in Saitama Prefecture, Japan
Apr 28, 2021 12:33 JST
NEC recognized in Gartner Magic Quadrant for 5G Network Infrastructure for Communications Service Providers as a Visionary
Apr 28, 2021 11:05 JST
LEXUS DESIGN AWARD 2021 Grand Prix Winner Announced
Apr 27, 2021 17:38 JST
AEON GLOBAL SCM and Toyota Starts to Consider Collaboration on Logistics Improvement and Carbon Neutrality Initiatives
Apr 27, 2021 16:15 JST
Suzuki, Subaru, Daihatsu, Toyota and Mazda Reach Agreement on Joint Development of Technical Specifications for Next-generation Vehicle Communications Devices
Apr 27, 2021 14:35 JST
MHIEC Supplies Incinerators for First Waste-to-Energy Plant in Xiaogan, Hubei Province, China
Apr 27, 2021 11:22 JST
Woven Planet Holdings, a Subsidiary of Toyota, Announces Acquisition of Lyft's Level 5 Division to Accelerate Software Innovation for Automated Driving Mobility
Apr 27, 2021 09:00 JST